Maiden’s Walk, Hexham

At Hexham, the Co-op sold its 32,000 sq ft foodstore to M&S as a going concern. The 2.75 acre freehold car park was retained and we secured detailed planning consent for a 19,930 sq ft retail unit on a 0.46 acre plot immediately adjacent to M&S. The unit was then pre-let to B&M Bargains on a 10 year FRI lease at £249,125 pax (£12.50 psf) subject to a 12 month rent free period. Total development costs were £1.98m and the car park site was originally valued at £150,000. On practical completion, the investment was independently valued at £3.25m giving a net development profit of £1.1m.